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U.S. Construction Spending Shows Unexpected Drop In November

Construction spending in the U.S. unexpectedly decreased in the month of November, according to a report released by the Commerce Department on Friday, as a steep drop in spending on public construction more than offset a modest increase in spending on private construction.

The Commerce Department said construction spending fell 0.3 percent to an annual rate of $975.0 billion in November from the revised October estimate of $977.7 billion. The drop came as a surprise to economists, who had expected spending to increase by 0.5 percent.

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